While car auctions sound very appealing to collectors, they’re also aimed at anyone looking for a new ride or work in selling cars. But sometimes, behind them hide unpleasant surprises. Is buying your car at an auction a good idea? This is what we are going to find out today.
Where Can I Find Car Auctions?
If you are new to the car auction community and want to buy your car this way for the first time, you should be on the look for auctions near you. Contact the closest auction house to you to inquire about upcoming sales. Auction houses display a sales list on their website, allowing you to find out if the cars meet your expectations.
The Advantages of Buying a Car at an Auction
- To a certain extent, buying your car at an auction is attractive, especially the price. According to various buyer testimonials, the savings achieved vary between 15 and 50%, naturally making you think of exchanging your current car for your dream one.
- Buying from an auctioneer is a guarantee of seriousness. Besides, vehicles sold at auctions are passed to the technical control for safety verification purposes.
Risks of Buying a Car at an Auction
Just like anything in life, there are also downsides to buying your car at an auction:
- The auctioneer sells the car as is and you cannot test drive it which it is quite possible to stumble upon a car that will need major repairs in the short term.
- There is no guarantee beyond the manufacturer’s guarantee, which is no longer valid after a certain number of years.
- The last disadvantage of buying a car at an auction: you do not have any right to withdraw.
Discover the world of auctions before buying your car
● Attend Auctions Without Buying
To test the waters, why not attend auctions without buying the first couple of times. This will allow you to examine the overall vibe of the place and familiarize yourself with the process. Observe how buyers behave, and then during your purchase, you’ll know what to do.
● Consult a Dealership You Trust
In the ad, look for the name of the model and the year of first registration. You will be able to learn about the vehicle’s rating and determine the car value.
If the ad doesn’t provide all information about the vehicle, consult your car’s dealership. Another option is to enter the characteristics present in the advertisement into a search engine and go to a site specializing in automobiles. You will thus find the elements necessary to estimate the rating of the vehicle you want.
● Define Your Budget
You have estimated the rating of the vehicle for sale, you must now define the budget you wish to allocate to your purchase. For example, if the car you have spotted is listed for $20,000, maybe you shouldn’t exceed $15,000 keeping in mind repair costs and auctioneer commissions.
Commissions are usually between 15 and 25% of the sold item’s price.
Good to know: the auctioneer must state in the General Conditions of Sale his costs. Read these conditions before bidding.
● Take an Automotive Expert With You
When you buy a vehicle at an auction, there is a possibility that it will need repairs in the short term.If you are not familiar with auto mechanics, do not hesitate to bring a mechanic friend who will help you avoid significant expenses through his knowledge of the field.
Yes, you won’t be able to test the vehicle but you’ll be able to walk inspect it and lift the hood to check for any damages.There you go! Now you have all the elements for a successful auction.
By following these bits of advice, you should feel well-equipped to make a good deal and buy the vehicle you want at a tempting price.
Car buyers don’t always have to go for brand new cars; used cars can make a good alternative if you know quite well how to spot the good ones. As Ann Landers says, “Opportunities are usually disguised as hard work, so most people don’t recognize them.”
Read well, search well,l and you will find a thousand opportunities waiting for you to catch.